The Cadillac Escalade IQ arrives next summer with 750 hp, 450 miles of range, and a price of $130,000. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ According to the latest federal government inflation data released this week, new and used car prices continued to fall in July, even though inflation overall rose by .2 percent. More at Autoblog.
+ Japan’s Honda Motor reported a 78 percent increase in quarterly profit, which it attributed to to increased sales, especially in the North American market, and a weaker yen. More at Reuters.
+ New York City Police arrested six men allegedly operating a theft ring in the Bronx who stole at least 54 vehicles and $3 million in goods and then boasted of their feats on social media. More at Hemmings.
+ Le Mans winner Mike Rockenfeller will drive the no. 42 Legacy Motor Club NASCAR Cup Camaro for the next two road course events, replacing Noah Gragson, who has been released. More at NBC Sports.
+ California officials report that 25 percent of its new car sales so far this year are zero-tailpipe emissions vehicles, defined as electric, fuel-cell, and hybrid vehicles with at least 50 miles range. More at Autoweek.
+ On a Facebook livestream, United Auto Workers resident Shawn Fain threw a Stellantis contract proposal into the trash, accusing the company of reneging on its commitments. More at The Detroit News.
+ Two Goodyear employees were killed in a high-speed crash in tire testing on the Nurburgring Nordschleife in Germany when their Porsche 911 reportedly overturned several times. More at The Drive.
+ Tesla chief financial officer, Zach Kirkhorn is stepping down to be replaced by chief accounting officer Vaibhav Taneja, but will stay until year’s end to assist in the transisition. More at CNBC.
+ The 2025 Cadillac Escalade IQ arrives next summer with features that include 750 hp, 450-mile range, rear-wheel steering, a 55-inch touch display, and a price of around $130,000. More at Car and Driver.
+ Red Bull Formula 1 advisor Dr. Helmut Marko has dismissed reports suggesting that driver Sergio Perez is facing a contract change at the team, calling them “made up from thin air.” More at Motorsport Week.
Photo courtesy of Cadillac.
Review the previous MCG Executive Briefing from August 7 here.
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I believe new and used vehicle prices will continue to fall.
They are going to have to come down. When a vehicle payment is as much as a house payment, not many people can afford that nice new car. And used prices are stupid high. They got that way during the scamdemic and stayed artificially high, but I’m seeing some signs that they may be getting back down as inventories rise. A lot of people are following Dave Ramsey’s advice and hanging onto their older cars an extra year or two. Even the 10 year old and older stuff I buy and drive is still overpriced, in some cases folks want what a car sold new for now 10 years later!